| Loans have become part of our lives. And I'm not | | | | simple to understand and easy to get if you have |
| talking about the loans we get each month by our | | | | been paying off your home for a few years. |
| credit card company or the loans our bank gives us | | | | One of the best ways to raise a loan |
| when we slip into overdraft a few days before | | | | Let's say you have a need for several thousand |
| payday. Neither are I thinking of the mortgages we | | | | pounds. One of those situations referred to above |
| have on our homes. Everyone has all three of these | | | | has come up, and you don't quite have enough to |
| loans running, and we understand them well and work | | | | get you through an unexpected, expensive situation. |
| them into our budgeting and cash flows. | | | | And let's also assume you have been in your home |
| What I'm thinking about are those small loans that | | | | for some year and have built up a reasonable equity |
| throw us a financial lifeline to help us get through an | | | | in it. This is something you may need to talk about |
| unexpected expense. | | | | with a valuer, and you might be surprised at just how |
| Loans are part of our lives | | | | much equity has accumulated for you unseen. But |
| These sudden expenses confront us in the ordinary | | | | you have equity and you offer to let the lender, say, |
| course of our lives. Perhaps the car breaks down or | | | | the bank, take you home and sell it if you are not |
| has a crash, and we've got to have a replacement in | | | | able to repay your loan. Naturally, the bank lends the |
| the next few days. Or a child is ill, needs an | | | | money to you. And just as obviously, you repay the |
| operation, the national health system can't get them | | | | loan, because you are a prudent spender, you have |
| into a public hospital bed for months, so you must go | | | | cash flow, and all you needed was a little leg up at |
| the expense, private health care route. Or maybe | | | | this time to meet a cash shortage. |
| your daughter announces her wedding, and you need | | | | So this is why secured loans are so popular. For most |
| to scramble to pay for a reception which, even if | | | | of us these are perfect loans, actually. But you do |
| they are modest, will cost a lot more than most of | | | | need to talk with someone before you move ahead, |
| us can put our hand on quickly. | | | | because a secured loan gives the lender the right to |
| Situations like this come our way, and even with | | | | take away your home and sell it if you cannot repay |
| careful planning and prudent spending we almost | | | | him. And don't think the banker will shed tears for |
| always needs some bridging finance to help us | | | | you when he hears you story of why you can't |
| through. It is almost as though the economy as a | | | | repay. That is not how banks work. If you can't |
| whole gives us only enough to meet normal | | | | repay, they will sell your home from under you. But |
| expenditures -- as soon as an unexpected, significant | | | | this is just a caution. In most cases secured loans are |
| expense comes along we are deserted and need to | | | | repaid on time, and everyone is happy. |
| turn to family, friends or sympathetic industry lenders | | | | Getting best value when you borrow |
| for the little extra. | | | | As you think about taking up one of these safe, |
| Several ways available to get loans | | | | popular loans, consider getting some expert help and |
| Fortunately there are a number of ways we can | | | | guidance. There are brokers who will be able to |
| raise the money we need. Even when strapped for | | | | quickly steer you to lenders with the best interest |
| cash we can retain our dignity and avoid | | | | rates. These brokers will know about upcoming |
| embarrassment by quietly negotiating a loan which | | | | interest rate rises. And they will save you a lot of |
| we will be able to pay back without too much | | | | time by stepping you through the paper work. |
| trouble. | | | | You will be able to find the money you need with |
| Look at the popular secured loan, for example. The | | | | one of these loans, and a good broker will make it |
| so-called 'second mortgage' that we hear about | | | | almost effortless -- leaving you with the quick cash |
| among our friends and work colleagues. They are | | | | you need to meet your situation with a smile. |